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Drugmakers including Pfizer Inc, Sanofi SA, and GlaxoSmithKline Plc are raising prices on over 300 drugs in the US on Jan. 1 due to reduced demand for some drugs triggered by the pandemic.
As lesser doctor visits on account of the pandemic resulted in less demand for some drugs, the drugmakers are also fighting new price-cutting rules from the Trump administration, which would reduce their profitability.
Pfizer and Sanofi kept nearly all of their increases at five percent or less.
GSK raised prices on Shingrix, a vaccine for shingles, by 7 percent, and Pediarix, a vaccine for diphtheria, tetanus, and pertussis, by 8.6 percent.
Teva Pharmaceuticals Inc hiked prices on 15 drugs, including Austedo, which treats rare neurological disorders, asthma steroid Qvar, muscle relaxant Amrix, and narcolepsy treatment Nuvigil, as much as 9.4 percent.
More price hikes are set for early January.
Pfizer plans to increase prices on over 60 drugs by as much as 5 percent, including rheumatoid arthritis treatment Xeljanz and cancer drugs Inlyte and Ibrance.
According to Pfizer spokeswoman Amy Rose, the increase would support investments that allow them to discover new medicines and deliver those breakthroughs.
Sanofi will announce more price increases later in January, according to spokesperson Ashleigh Koss.
Slashing prescription drug prices was a core pledge of a focus of US President Donald Trump's 2016 campaign.
President-elect Joe Biden has also vowed to cut drug prices..
